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Richard, a cash-basis taxpayer, operates a small retail store. His books show the following income items for the year: Sales - paid, $72,000. Sales -
Richard, a cash-basis taxpayer, operates a small retail store. His books show the following income items for the year: Sales - paid, $72,000. Sales - unpaid, $1,000. Sale of cardboard packaging to recycling company, $1,500. What does Richard report as his gross income on his Schedule C? $72,000 $73,000 $73,500 $74,500
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